FX.co ★ China Factory Activity Growth at 4-Month Low

The RatingDog China Manufacturing PMI eased to a four-month low of 51.5 in July 2026, down from 51.7 in June, slipping just below market expectations of 51.5. Despite the slight decline, the index still signaled robust momentum, marking the joint-longest stretch of expansion in five years and matching the growth sequence seen from November 2023 to June 2024. Output continued to rise, and new orders increased for the fourteenth consecutive month—the longest such run since 2018—supported by stronger foreign demand. At the same time, employment expanded for the second month in a row, with job creation reaching its highest level since August 2023.